Rep. Kelly Introduces Bipartisan ‘Restaurant and Retail Jobs and Growth Act’

Mar 13, 2014 Issues: Economy and Jobs, Tax Reform

Bipartisan bill will help small businesses grow & boost job creation

WASHINGTON — U.S. Representatives Mike Kelly (R-PA), Richard Neal (D-MA), Jim Gerlach (R-PA), and Ron Kind (D-WI) issued the following statements today regarding their introduction of H.R. 4212, the Restaurant and Retail Jobs and Growth Act. The legislation would make permanent a 15-year tax depreciation schedule for restaurant improvements and new construction, as well as leasehold and retail improvements.

Rep. Kelly (R-PA):  “The foodservice industry employs more than 535,000 men and women in Pennsylvania alone, and is a constant driving force that makes our economy grow and keeps communities strong nationwide. Especially during this difficult economic recovery, it is absolutely vital that restaurant and other retail operators have the tax certainty they need to expand their enterprises and put more Americans back to work. This new jobs bill will help bring much-needed long-term stability to our nation’s small businesses, and just makes sense.”

Rep. Kind (D-WI):  “I'm happy to introduce this commonsense legislation that would bring tax law more in line with the actual experiences of businesses owners. The Restaurant and Retail Jobs and Growth Act will help restaurants, retail outlets and other businesses by bringing stability to their long-term financial planning, while lowering their tax burden so they can expand and hire new workers.”

Rep. Jim Gerlach (R-PA):  “Encouraging companies to invest in themselves and grow will help create jobs and get our economy moving in the right direction again. This legislation would provide businesses owners with some certainty to make sound capital expenditures and reflect a more realistic lifespan of business investments. I look forward to working with Congressman Kelly and our colleagues on the Ways and Means Committee to enact this legislation and create more opportunities for success for Pennsylvania companies and their workers.”

Rep. Richard Neal (D-MA):  "By making the 15-year depreciation provisions permanent, we are providing businesses with certainty and the capital they need to grow their businesses and invest in their future."

Dave Koenig, Vice President, Tax & Profitability, National Restaurant Association:  “Restaurants experience heavy wear and tear serving 130 million guests a day at nearly one million establishments nationwide. Making the 15-year depreciation provisions permanent provides restaurateurs with the predictability and additional cash flow needed to plan for future investments, and we appreciate the leadership shown by these members in introducing this important legislation.”

 

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